
\begin{table}[h!]
\caption{Direct Democracy and Government Spending, 1860-2015}
\begin{center}
\scalebox{0.8}{
\begin{tabular}{l D{.}{.}{3.7} D{.}{.}{3.7} D{.}{.}{3.5} D{.}{.}{3.7}}
\toprule
 & \multicolumn{1}{c}{Model 1} & \multicolumn{1}{c}{Model 2} & \multicolumn{1}{c}{Model 3} & \multicolumn{1}{c}{Model 4} \\
\midrule
Number Parties              & 0.07^{**}     & 0.03         & 0.04^{*}    & 0.06^{*}     \\
                            & (0.03)        & (0.02)       & (0.02)      & (0.03)       \\
Initiatives                 & 0.04^{\cdot}  & 0.02         & 0.01        & 0.05^{*}     \\
                            & (0.02)        & (0.01)       & (0.01)      & (0.02)       \\
Financial Ref. (Threshold)  & 0.14^{*}      & 0.16^{*}     & 0.33^{*}    & 0.31^{\cdot} \\
                            & (0.06)        & (0.07)       & (0.16)      & (0.18)       \\
With Financial Referednum   & -0.03         & -0.01        & -0.02       & -0.02        \\
                            & (0.03)        & (0.03)       & (0.03)      & (0.03)       \\
Law Ref.                    & 0.01          & 0.00         & 0.01        & -0.01        \\
                            & (0.01)        & (0.02)       & (0.01)      & (0.02)       \\
Lag Dep. Var.               & -0.29^{***}   & -0.30^{***}  & -0.30^{***} & -0.29^{***}  \\
                            & (0.04)        & (0.04)       & (0.04)      & (0.04)       \\
Share First Sector          & -0.40^{\cdot} & -0.39        & -0.38       & -0.39        \\
                            & (0.24)        & (0.24)       & (0.24)      & (0.25)       \\
Share Second Sector         & -0.23         & -0.18        & -0.14       & -0.23        \\
                            & (0.30)        & (0.30)       & (0.30)      & (0.31)       \\
Dependency Ration           & 0.96^{*}      & 0.99^{\cdot} & 0.98^{*}    & 1.04^{*}     \\
                            & (0.47)        & (0.51)       & (0.50)      & (0.46)       \\
Infant Mort.                & -0.30         & -0.30        & -0.29       & -0.32        \\
                            & (0.53)        & (0.52)       & (0.51)      & (0.54)       \\
Share Left Parties          & -0.06         & -0.07        & -0.07       & -0.05        \\
                            & (0.07)        & (0.08)       & (0.08)      & (0.07)       \\
Proportional Representation & -0.08^{**}    & -0.07^{**}   & -0.07^{**}  & -0.08^{**}   \\
                            & (0.03)        & (0.03)       & (0.03)      & (0.03)       \\
Physician Density           & -0.10^{*}     & -0.10^{**}   & -0.10^{**}  & -0.10^{*}    \\
                            & (0.04)        & (0.04)       & (0.04)      & (0.04)       \\
ln Population Size          & 0.03          & 0.02         & 0.02        & 0.03         \\
                            & (0.06)        & (0.05)       & (0.05)      & (0.06)       \\
ln Federal Subsidies        & 0.03^{*}      & 0.03^{*}     & 0.03^{*}    & 0.03^{*}     \\
                            & (0.01)        & (0.01)       & (0.01)      & (0.01)       \\
Num. Par. * Initiative      & -0.01^{*}     &              &             & -0.01^{**}   \\
                            & (0.00)        &              &             & (0.01)       \\
Num. Par. * Law Referednum  &               & 0.00         &             & 0.01         \\
                            &               & (0.00)       &             & (0.01)       \\
Num. Par. * Fin. Referendum &               &              & -0.07       & -0.07        \\
                            &               &              & (0.06)      & (0.07)       \\
\midrule
R$^2$                       & 0.52          & 0.51         & 0.51        & 0.52         \\
Adj. R$^2$                  & 0.45          & 0.45         & 0.45        & 0.46         \\
Num. obs.                   & 628           & 628          & 628         & 628          \\
\bottomrule
\multicolumn{5}{l}{\scriptsize{$^{***}p<0.001$; $^{**}p<0.01$; $^{*}p<0.05$; $^{\cdot}p<0.1$}}
\end{tabular}
}
\label{est1}
\end{center}
\end{table}
